It has been reported that Northrop Grumman (NYSE:NOC) is shedding more jobs after losing a DoD contract.

Northrop Grumman To Cut More Jobs

According to Maryland’s labor department, the defense contract giant Northrop Grumman (NYSE:NOC) is planning to lay off 224 employees starting in April.

David Apt, a Northrop Grumman (NYSE:NOC) spokesman said, “The cuts are the result of Northrop Grumman losing a Department of Defense contract after the work was put up for bids. Most of the employees are expected to be rehired by the new contract holder.”

Northrop Grumman (NYSE:NOC) stocks were at 60.08 at the end of the last day’s trading. There’s been a 5.9% movement in the stock price over the past 3 months.

Northrop Grumman (NYSE:NOC) Analyst Advice
Consensus Opinion: Hold
Mean recommendation: 2.76
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 2.79
Zack’s Rank: 3 out of 9 in the industry